Despite the recent bounce in the ruble, the Russian economy remains under heavy clouds. With more than half the government's revenue drawn from oil and gas exports, prolonged weakness in oil prices will savage growth. This week the country had its debt placed under review for a potential downgrade to junk status.

And that means no holiday cheer for government officials, as President Vladimir Putin ordered all members of parliament to work through the Christmas and New Year period as they fight to keep the battered economy together.